The Trustee of Nexity Financial Corp. filed a motion in the US Bankruptcy Court for the sale of debtor's certain assets on September 29, 2014. The Trustee seeks the Court's approval for the sale of certain shares of common stock of South Atlantic Bancshares, Inc. to South Atlantic Bank 401(k) Employee Stock Ownership Plan for a purchase price of $0.18 million in cash pursuant to the asset purchase agreement dated September 10, 2014.

The debtor's assets include 18,081 shares of common stock of South Atlantic Bancshares, Inc.